Commissioners in Switzerland County and Jefferson County in southern Indiana both have signed a proposed settlement agreement that will end their dispute over riverboat gaming revenue intended for economic development projects.
Switzerland County officials signed the proposed settlement agreement on November 20 and Jefferson County commissioners recently unanimously approved a plan calling for Switzerland County within 10 days to deliver to Jefferson County about $50,000 in economic development funds they have been holding.
In turn, Jefferson County commissioners will dismiss a lawsuit filed in July against Switzerland County, which sought damages after Jefferson County failed to receive some riverboat revenue from two quarters 2015.
Meanwhile, the Hollywood Casino in Lawrenceburg, Indiana hit its lowest revenue figures ever in November after removing hundreds of slot machines from the casino floor during the last year.
According to the Indiana Gaming Commission the riverboat casino took in 11.5 million in gross revenue in November, the lowest since Ohio’s casinos began opening in 2012. In that year the Hollywood was the largest casino in the region with 3,200 slots and an average monthly revenue of $30 million.
As of now the Hollywood operates 1,802 slots, almost a fifth fewer than a year ago. At the same time the casino has removed 11 gaming tables.
The casino has declined to comment about its decline, but experts in the industry said that it is possible that the casino is searching for a better revenue mix from a different supplier and different terms of lease.
According to one theory the casino could be bringing in newer models to target a different demographic or it may want to make the casino looks busier by having fewer empty machines at any one time.
